Secure login via email with one-time link to dashboard

I am wondering if there is a way to grant users access by sending them an email that allows them to login. My idea:

1. user enters its login credentials (email & password) on the login page
2. Wordpress sends an email to the email address stored with the user account
3. The link contains a one time link that logs the user in.

This procedure would make sure that only users who can access the email account associated with the user account can log in. Even if I had someone elses username and password, I still could not log in.

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